Dr Doom, who predicted 2008 financial crisis, wants you to buy gold, skip silver for now

Economist Peter Schiff, often dubbed “Dr Doom” for correctly warning about past financial crises including the 2008 subprime meltdown, has advised investors to prioritise gold and stay cautious on silver in the near term.

In a post on X, Schiff said the silver market carries elevated short-term risk. “There’s too much near-term risk to buy physical silver right now. But I’m not selling any of mine. It makes sense to wait for it to settle before buying,” he wrote.

On gold, however, Schiff struck a far more bullish note. “Absolutely buy gold right now. At $4,534 it’s a steal,” he said, adding that gold currently carries less downside risk compared to silver.



Explaining his view further, Schiff noted that silver had already fallen sharply from recent highs. “Silver is now over $3 lower than it was when I wrote this post. If it keeps falling, it will be safe to buy again. My guess is support lies between $70 and $75,” he wrote, later adding that silver was nearly $5 lower, trading around $79.30.

In a separate update, Schiff — who is Chief Economist and Global Strategist at Europac — highlighted the metal’s volatility. “It’s been a volatile night in the silver market. After surging to a new record high just below $84, silver sold off sharply, finding support just above $75. It has since recovered and is now trading back above $80. This historic bull market still has a long way to run,” he said.

Precious metals pulled back on Monday as investors booked profits and easing geopolitical tensions reduced safe-haven demand. Spot gold slipped 0.4% to $4,512.74 per ounce after hitting a record $4,549.71 on Friday, while U.S. gold futures fell to $4,536.40.


Spot silver dropped 1.3% to $78.12 per ounce after touching an all-time high of $83.62 earlier in the session.

Despite the pullback, silver has surged 181% year-to-date, outperforming gold, driven by its designation as a critical U.S. mineral, supply constraints, and rising industrial and investment demand. Gold has also rallied strongly in 2025, climbing 72% so far, supported by expectations of U.S. rate cuts, geopolitical uncertainty, strong central bank buying, and growing ETF inflows.